分析师：关税协议落地财政风险重回主导，日元和国债或面临新一轮压力

Core Viewpoint - The announcement of the US-Japan trade agreement has led to a temporary strengthening of the Japanese yen, but concerns over Japan's fiscal outlook may lead to renewed pressure on both the yen and Japanese government bonds [1] Group 1: Trade Agreement Impact - The 15% tariff rate from the trade agreement is perceived as an ideal outcome by the market, contributing to the initial strength of the yen [1] Group 2: Fiscal Outlook - The focus is shifting back to Japan's fiscal prospects, which may undermine the yen and government bonds as the market has already partially priced in the expectations of the trade agreement [1] - Increased government spending is expected to continue to suppress the yen's exchange rate [1]